The filing is a routine investor presentation update with no new material financial guidance. The key event is the completed Arena acquisition, which transforms Crestone's AUM to $3.6B but is already disclosed. Monitor the Rex integration progress and whether Contrail's elevated prior-year trading activity normalizes as expected. The GAAP operating loss of $11.2M is largely non-cash Rex-related charges, but the $210.6M gross debt load warrants attention.
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Executive Summary
Air T filed an 8-K furnishing an updated investor presentation covering FY26 (March 31, 2026) results. FY26 revenue grew 12% YoY to $327.1M, but GAAP operating income was a loss of $11.2M due to $17.9M in Rex-related expenses. Adjusted EBITDA rose 38% to $10.1M. The presentation also disclosed the completed acquisition of Arena Aviation Capital by Crestone Air Partners, expanding AUM from $0.8B to $3.6B. The filing is a routine investor update with no new material events beyond the already-disclosed Arena closing.
Key Facts
- FY26 revenue grew 12% YoY to $327.1M, driven by acquisitions (Rex, Royal) and organic growth in Ground Support Equipment (+21%) and Digital Solutions (+25%)
- GAAP operating income was a loss of $11.2M, down from a profit of $1.9M in FY25, due to $17.9M in Rex-related expenses (acquisition, integration, landholder duty tax)
- Adjusted EBITDA rose 38% to $10.1M from $7.4M in FY25
- Commercial Aircraft, Engines and Parts segment revenue fell 25% to $89.9M, driven by a $38.8M decline in component sales at Contrail (elevated prior-year trading activity not expected to recur)
- Crestone Air Partners completed the acquisition of Arena Aviation Capital on June 16, 2026, expanding AUM from $0.8B to $3.6B; Air T now owns ~83.9% of the combined entity
- Total gross debt increased to $210.6M from $110.7M, primarily due to Rex acquisition debt ($54.8M net) and AAM 24-1 note ($60M drawn)
- GAAP operating income was a loss of $11.2M, down from a profit of $1.9M in FY25, due to $17.9M in Rex-related expenses
Financial Impact
FY26 revenue $327.1M (+12% YoY), GAAP operating loss of $11.2M (vs +$1.9M profit), Adjusted EBITDA $10.1M (+38% YoY). Crestone AUM expanded from $0.8B to $3.6B post-Arena acquisition.
Risk Factors
- Rex integration risks: $17.9M in FY26 expenses, operating loss of $14.2M in stub period, and plan to re-activate stored aircraft by YE 2027
- Contrail revenue declined 56% YoY due to non-recurring elevated trading activity; segment revenue may remain depressed
- Total gross debt increased to $210.6M from $110.7M, with net debt of $190.2M; leverage is elevated relative to $68M market cap
- Dependence on FedEx for Overnight Air Cargo segment; any reduction in aircraft flown or contract changes could materially impact results
- Ground Support Equipment order backlog collapsed to $0.6M from $14.3M, signaling potential revenue decline ahead
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000353184-26-000058 |
| Document: airt-20260629.htm | 0000353184-26-000058 |
| Document: 0000353184-26-000058-index-headers.html | 0000353184-26-000058 |
| Document: 0000353184-26-000058-index.html | 0000353184-26-000058 |
| Document: 0000353184-26-000058.txt | 0000353184-26-000058 |
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Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 10, 2026 15w ago | 424B5 | $28.40 $30.80 | ▼ −8.45% | ▼ −4.46% | $25.91 (+8.77%) |
Jul 10, 2026 15w ago | DEFA14A | $27.08 $30.21 | ▲ +11.56% | ▲ +8.93% | $25.91 (−4.32%) |
Jun 29, 2026 17w ago | 8-K | $23.61 $31.53 | ▲ +33.55% | ▲ +29.16% | $25.91 (+9.74%) |
Jun 29, 2026 17w ago | 8-K | $23.61 $31.53 | ▲ +33.55% | ▲ +29.16% | $25.91 (+9.74%) |
Jun 16, 2026 18w ago | 8-K | $22.33 $30.69 | ▲ +37.44% | ▲ +34.29% | $25.91 (+16.03%) |
Mar 4, 2026 33w ago | 8-K | $20.90 $22.50 | ▲ +7.66% | ▼ −3.64% | $25.91 (+23.97%) |
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